Flip on Pemberwick

14 Rockland Place (the Pemberwick, not Old Greenwich Rockland Place) reports a contract after 24 days on the market; asking price, $1.895 million. Its builder paid $500,000 for what was then a 852 sq. ft., 2 bedroom, 1 bath home in July 2022, took out a $325,000 mortgage, and then totally renovated it, expanding it to 3,986 sq. ft. and made it a four bedroom, four bath house. It looks like Home Depot quality finishes — nothing wrong with that, but it certainly kept costs down — so he probably doing very well on this project.

Can’t say I’d pay nearly $2 million to live in Pemberwick, but it seems that someone is about to.

(original, 2022)

(original)